Core Viewpoint - The panel manufacturers are focusing on continuous investment in OLED, LCD, and MLED technologies to maintain competitive advantages and enhance technical capabilities [1][5]. Investment Overview - In the first half of this year, major panel manufacturers have planned new investments in various display technologies, including TCL Huaxing's acquisition of a 21.53% stake in the 11th generation line for 11.6 billion yuan, HKC's investment of 10 billion yuan in a new MLED chip project, and 500 million yuan for acquiring a flexible AMOLED production line [1]. Major Investment Directions - BOE's primary investment direction is the 8.6-generation AMOLED production line, with an investment amount of 63 billion yuan, shifting focus from LCD to OLED [2]. - CSOT is reinforcing its LCD business with a total investment of approximately 25.4 billion yuan through acquisitions of LGD's 8.5-generation line and the 11th generation line stake [2]. - HKC is expanding its investments in the MLED and E-paper sectors, with around 26 billion yuan in MLED and 13.5 billion yuan in E-paper projects [2]. Total Investment Scale - The total planned investment amount by the three major domestic panel manufacturers over the past year and a half is approximately 140 billion yuan [4]. Investment Distribution by Sector - The investment distribution shows that OLED investments account for the highest proportion at 45%, followed by LCD at 20%, MLED at 19%, E-paper at 9%, and IC investments at 6% [5]. - BOE holds the largest share of investment at 48%, primarily due to its significant investment in the 8.6-generation AMOLED line, while HKC accounts for 34% and CSOT for 19% [5]. Future Outlook - As these investment projects are implemented, the competitiveness and technical levels of panel manufacturers are expected to improve further, with future investments likely to continue focusing on OLED as the primary area and LCD as a secondary focus [5].

【集邦Display】 为了保持竞争优势和提升技术水平，面板厂需进行持续的投资。 据集邦Display观 察， 今年上半年，面板厂在OLED、LCD和MLED等领域 规划 了新的投资。 TCL华星（ CSOT ） 计划收购第11代线（t6、t7）21.53%的股权，收购价格116亿元。 惠科（ HKC ） 计划在四川南充投资100亿元建设MLED新型显示芯片项目；在长沙投资30亿元建设 Oxide研发及产业化项目；收购原柔宇的第5.5代柔性AMOLED产线，收购金额5亿元。 如果以最近1年半规划的投资项目来观察，国内三大面板厂投资的主要方向是什么？ 投资规模方面， 最近1年半国内三大面板厂规划的投资总金额约1,400亿元。 以投资领域来观察，OLED领域的投资金额占比最高，为45%，主要是第8.6代AMOLED产线的投 资金额较大。其次是LCD领域，占比20%。MLED领域占比19%， E-paper 领域占比9%。IC领 域的投资额占比不高，为6% 。 可见， 面板厂的主要投资金额当然还是放在了显示领域。 以厂商来观察，BOE的投资金额占比最高，为48%，主要是其第8.6代AMOLED产线的投资金额 较大。 ...